Lagos Land Prices Hit $1 Million for 507sqm

According to a report by Estate Intel, the cost of acquiring prime land in Lagos is now about US$1 million for 507 square metres, ranking it as the second-most expensive city for prime land in Africa, following Cape Town, where the same investment buys about 329 square metres. The report identifies Lagos, Cape Town, and Casablanca as the top three most expensive cities for prime residential land.

The high cost in Lagos is attributed to sustained demand for premium locations, limited land supply, and infrastructure gaps. The analysis focused on Ikoyi, Victoria Island, and Lekki Phase 1, where demand for luxury residential developments supports high land values.

The average prime land prices in Lagos exceed US$1,900 per square metre, creating a significant gap between land values and local purchasing power. Additionally, limited access to affordable mortgages complicates homeownership, as high interest rates increase long-term housing finance costs.

Recent data shows continued appreciation in land values in Lagos’ prime locations, with average prices reaching N2.5 million per square metre in Ikoyi and N2.1 million in Victoria Island.